Question A million questions, don't know what else to do....

[dreambml]

Here is my situation. I lost my job 3 months ago, and cannot find a new one. I have probably $130k in student loans, I have 2 classes left to graduate, and no way to pay for them. I have 2 credit cards in my name with $1500. I have 2 other credit cards in which I am an authorized user which is $7500 total. I have a $1500 medical bill. I want to know first off if anything can be done about the student loans. Now, I just got married. We rent an apartment, which soon we might have to leave because we can no longer afford to live here, and have nowhere else to go. He has a car in his name, and my car is primarily in his name, but I guess I am a co-signer. Can I file for bankruptcy alone, and how will this affect him? I feel like it would be better if we weren't married....at least we could keep my info off of his stuff. He has tried applying for personal loans to try to get rid of the cards, but he gets denied. He has good credit. Also, what will be repossessed? I read that even clothes will be sold? That would leave us out on the street without even a car to sleep in. What should I do here?

[liz417]

I'm sorry to say, but student loans are not dischargable in BK. It doesn't sound like you have much debt, could you possibly take a break from grad school and work full time? I'm assuming that you are unable to find a job because of your school schedule (sorry if I'm wrong).
What state are you in?

[dreambml]

no, I take online classes and night classes. I had a normal 9-5 job. I was not in grad school, so finding a decent job is hard here without a bachelors degree. And I am supposed to start paying the student loans in october, at over $1100/month. My husband has about $9000 in credit card debt, we pay over $1500/month for rent, and probably by then end of this month will default on every bill we have. We have about $35000 in car loans. I live in MA, and the job market is horrible. I have applied to at least 100 jobs, and have had 2 interviews.

[Reddrocket07]

I would suggest trying to file a deferment for your student loans and then go on a payment plan with your school to finish the last two classes. While you are enrolled in school, you do not have to pay school loans. So once you are done with school would you not be able to make the $1100.00 payment a month?

There are several types of deferment that you could apply for, but the most common would be Economic Hardship. Some student loan companies may take you at your word for Economic Hardship, while others will require proof. My wife has her loans at Direct Loans and they did not require proof. However mine are through a local Ohio company and I had to provide proof through Federal Tax returns. Just remember, you are only given 36 months of Economic Hardship Deferment. Once you use it up, its gone and can not be reused.

Are your online courses centered at a local university? If so, you might be able to look into working at a school based job offered to students in order to offset tuition costs.

My last suggestion, which may be an unethical one, would be to apply for some loan to get you through school. you might have to go to a high interest rate one, but you could file it under Bankruptcy should you choose to file. You might have to hold off filing for 6 months, but if you retain a lawyer and wait to file, you can stop most harrassing creditor phone calls by directing them to your lawyer and stating you are filing bankruptcy.

The best thing for you to do would be to consult a lawyer though!

[CindyLou]

are they private student loans? I have been able to be in forebearance for a while, plus able to consolidate and enter a graduated 30-year payment plan. I have government backed student loans.